Targa Resources Corp. (NYSE:TRGP) Shares Sold by Summit Investment Advisors Inc.

Summit Investment Advisors Inc. lessened its holdings in shares of Targa Resources Corp. (NYSE:TRGP - Free Report) by 15.6% during the 4th quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 9,300 shares of the pipeline company's stock after selling 1,719 shares during the period. Summit Investment Advisors Inc.'s holdings in Targa Resources were worth $1,660,000 at the end of the most recent reporting period.

Several other institutional investors have also modified their holdings of TRGP. Barclays PLC increased its stake in Targa Resources by 19.5% in the 3rd quarter. Barclays PLC now owns 1,034,545 shares of the pipeline company's stock valued at $153,124,000 after purchasing an additional 168,602 shares in the last quarter. Virtu Financial LLC lifted its stake in shares of Targa Resources by 39.4% in the third quarter. Virtu Financial LLC now owns 8,447 shares of the pipeline company's stock worth $1,250,000 after acquiring an additional 2,388 shares in the last quarter. Fulcrum Equity Management increased its position in shares of Targa Resources by 7.1% in the 3rd quarter. Fulcrum Equity Management now owns 3,135 shares of the pipeline company's stock worth $464,000 after purchasing an additional 208 shares during the last quarter. Sanctuary Advisors LLC raised its position in shares of Targa Resources by 9.5% during the 3rd quarter. Sanctuary Advisors LLC now owns 16,933 shares of the pipeline company's stock valued at $2,506,000 after acquiring an additional 1,463 shares in the last quarter. Finally, Sfmg LLC grew its holdings in shares of Targa Resources by 3.3% during the third quarter. Sfmg LLC now owns 3,131 shares of the pipeline company's stock valued at $463,000 after purchasing an additional 100 shares during the last quarter. Hedge funds and other institutional investors own 92.13% of the company's stock.

Analyst Upgrades and Downgrades

TRGP has been the topic of several research analyst reports. Barclays lowered their target price on shares of Targa Resources from $211.00 to $206.00 and set an "overweight" rating on the stock in a research note on Wednesday, April 9th. Mizuho lifted their price objective on shares of Targa Resources from $208.00 to $226.00 and gave the company an "outperform" rating in a research note on Thursday, February 20th. Morgan Stanley raised their price target on shares of Targa Resources from $202.00 to $244.00 and gave the stock an "overweight" rating in a research report on Monday, March 17th. Citigroup upped their price objective on Targa Resources from $218.00 to $227.00 and gave the company a "buy" rating in a research note on Tuesday, February 25th. Finally, US Capital Advisors raised Targa Resources from a "hold" rating to a "strong-buy" rating in a research note on Monday, April 7th. Thirteen analysts have rated the stock with a buy rating and two have given a strong buy rating to the company's stock. According to MarketBeat, the stock has a consensus rating of "Buy" and a consensus price target of $210.64.

Insider Activity

In related news, Director Waters S. Iv Davis sold 2,190 shares of the company's stock in a transaction dated Tuesday, February 25th. The shares were sold at an average price of $196.26, for a total transaction of $429,809.40. Following the transaction, the director now directly owns 2,899 shares in the company, valued at approximately $568,957.74. This represents a 43.03 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, insider D. Scott Pryor sold 35,000 shares of the business's stock in a transaction on Thursday, February 27th. The shares were sold at an average price of $197.30, for a total transaction of $6,905,500.00. Following the sale, the insider now directly owns 82,139 shares of the company's stock, valued at $16,206,024.70. This represents a 29.88 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 115,914 shares of company stock valued at $22,613,288 in the last ninety days. 1.34% of the stock is currently owned by company insiders.

Targa Resources Price Performance

Shares of NYSE TRGP traded down $6.37 during midday trading on Monday, hitting $168.21. 101,991 shares of the company's stock were exchanged, compared to its average volume of 1,914,021. The business's fifty day moving average price is $188.84 and its two-hundred day moving average price is $187.81. Targa Resources Corp. has a 12-month low of $110.09 and a 12-month high of $218.51. The company has a current ratio of 0.77, a quick ratio of 0.61 and a debt-to-equity ratio of 3.05. The company has a market cap of $36.60 billion, a price-to-earnings ratio of 29.30, a PEG ratio of 0.61 and a beta of 1.75.

Targa Resources (NYSE:TRGP - Get Free Report) last released its quarterly earnings data on Thursday, February 20th. The pipeline company reported $1.44 earnings per share for the quarter, missing analysts' consensus estimates of $1.90 by ($0.46). Targa Resources had a net margin of 7.81% and a return on equity of 28.67%. The company had revenue of $4.41 billion for the quarter, compared to analysts' expectations of $4.48 billion. As a group, research analysts forecast that Targa Resources Corp. will post 8.15 EPS for the current fiscal year.

Targa Resources Cuts Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, May 12th. Investors of record on Monday, April 28th will be given a dividend of $0.12 per share. This represents a $0.48 annualized dividend and a dividend yield of 0.29%. Targa Resources's dividend payout ratio (DPR) is presently 69.69%.

About Targa Resources

Targa Resources Corp., together with its subsidiary, Targa Resources Partners LP, owns, operates, acquires, and develops a portfolio of complementary domestic midstream infrastructure assets in North America. It operates in two segments, Gathering and Processing, and Logistics and Transportation. The company is involved in gathering, compressing, treating, processing, transporting, and selling natural gas; storing, fractionating, treating, transporting, and selling natural gas liquids (NGL) and NGL products, including services to liquefied petroleum gas exporters; and gathering, storing, terminaling, purchasing, and selling crude oil.